Drilling and oilfield service provider, Velesto Energy Bhd (VEB) has bagged a contract from Carigali Hess Operating Company Sdn Bhd for the provision of 10K jack up drilling rig for 2020 drilling programme worth RM131 million.
The contract was secured through Velesto Drilling Sdn Bhd, a wholly-owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which in turn is a wholly-owned subsidiary of VEB.
“VEB Group will assign NAGA 8 for this contract with an estimated contract value of RM131 million. The contract is expected to commence in the second half of 2020, for a duration of three years with three extension options of six months each,” Rohaizad Darus, President, Velesto Energy Berhad said.
NAGA 8 is a premium independent-leg cantilever jack-up rig that has a drilling depth capability of 30,000 feet and has a rated operating water depth of 400 feet.
The contract is expected to contribute positively towards the earnings and net assets of VEB Group during the contract period for the financial period ending Dec 31, 2020.
Nanga 8 is a Keppel FELS B Class built in Singapore and delivered in September 2015.
(Source and image: Velesto Energy)